Tag: telematics

Allstate predicts that autonomous cars will have an impact on the insurance industry Driverless vehicles may pose a potential threat to the auto insurance industry, according to Allstate. The company has filed its annual 2015 report, suggesting that autonomous cars could impact the industry in a significant manner. These vehicles are equipped with technology that take the human equation out of driving. Most car accidents are caused by human error, which makes the need for insurance coverage quite abundant. Allstate is concerned that autonomous vehicles will reduce the need for…

Driverless cars could have a major impact on auto insurance coverage and how companies protect drivers and their vehicles Driverless cars may soon be quite common on the roads, and this could have a major impact on auto insurance coverage. According to Allstate CEO Tom Wilson, there will be an ongoing debate over insurance coverage for driverless vehicles for years to come. Currently, there are precious few driverless vehicles on the roads, with Google being one of the only companies in the world to apply such a vehicle in a…

Google and Apple may become market disrupters by supporting mobile applications Both Google and Apple may soon become disrupters in the auto insurance market. A growing number of insurers are beginning to use telematics to offer new, usage-based policies that are popular among consumers. These companies are using relatively expensive devices to monitor the driving habits of policyholders and this information is being used to determine the cost of an actual insurance policy. Mobile application may soon become a powerful tool in helping insurers cut the upfront costs associated with…

Insurers are beginning to feel the need to embrace technology more aggressively Technology is beginning to shape the future of the insurance industry. Strategy Meets Action has released a new report that highlights the role that technology is playing in various insurance sectors. As various forms of technology begin to play a larger role in society, insurers are feeling the need to adapt, providing new services and products that account for this ongoing trend. Though investments in the tech field have dropped this year, the insurance industry may still see…

Demand for telematics technology has reached a new high in many parts of the world A new report released by Timetric shows that the insurance telematics market is set to see strong growth in the coming years. The demand for telematics technology within the insurance industry has been on the rise for some time, particularly among auto insurance companies. This technology is used to track consumer information and is becoming a valuable tool for auto insurers looking to offer new products to drivers. Telematics has lead to the creation of…

The insurance industry has long been wrestling with ways to engage and retain customers. Like any business, insurance companies have to evolve with changing times and the way that consumers interact with one another and how they choose to interact with companies. Technology has become one of the most powerful forces in the world and insurers are having trouble adapting to this fact. Throughout the insurance industry, companies are beginning to adopt new business strategies that are based on the use of new technology. Some of this technology has to…

New study shows that consumers are becoming more comfortable with usage-based insurance coverage LexisNexis has released a new study concerning telematics and usage-based auto insurance coverage. The study notes that consumers in the U.S. are becoming considerably more comfortable with the idea of usage-based insurance, largely because of the savings they can take advantage of. Rate discounts are a main driver behind the adoption of telematics among drivers and businesses that manage vehicle fleets. Drivers do have some privacy concerns, however, in regards to the information that telematics systems collect.…